Tanger (NYSE:SKT) Raised to Buy at Compass Point

Compass Point upgraded shares of Tanger (NYSE:SKT) from a neutral rating to a buy rating in a research note released on Thursday morning, MarketBeat Ratings reports. They currently have $32.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $31.00.

Other equities analysts have also issued research reports about the stock. Bank of America upgraded shares of Tanger from an underperform rating to a neutral rating and lifted their price target for the company from $24.00 to $31.00 in a report on Friday, April 5th. Evercore ISI dropped their price target on Tanger from $29.00 to $28.00 and set an in-line rating for the company in a research note on Wednesday, May 1st. Finally, Citigroup raised Tanger from a neutral rating to a buy rating and lifted their price objective for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tanger currently has a consensus rating of Hold and an average target price of $29.83.

Tanger Trading Down 1.9 %

Shares of SKT stock opened at $27.46 on Thursday. Tanger has a 1-year low of $18.34 and a 1-year high of $29.98. The firm’s 50-day simple moving average is $28.37 and its 200-day simple moving average is $27.03. The firm has a market cap of $3.00 billion, a P/E ratio of 30.18, a PEG ratio of 3.47 and a beta of 1.85. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.20 and a quick ratio of 0.20.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.275 per share. This is a boost from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date is Monday, April 29th. Tanger’s payout ratio is presently 120.88%.

Hedge Funds Weigh In On Tanger

Institutional investors have recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P grew its stake in shares of Tanger by 4,051.4% during the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 1,418 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in Tanger during the 1st quarter worth approximately $91,000. Federated Hermes Inc. acquired a new position in shares of Tanger in the 3rd quarter valued at approximately $125,000. Future Financial Wealth Managment LLC purchased a new position in shares of Tanger during the 4th quarter valued at approximately $210,000. Finally, D.A. Davidson & CO. bought a new stake in shares of Tanger in the fourth quarter worth $224,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Company Profile

Tanger Inc (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.